I-3 - Taxation Act

Section 772.10 Disposition versions

2006-03-01

772.10. For the purposes of this chapter,

(a)  the amount deducted by an individual under section 772.8 for a taxation year in respect of a country is deemed to be deducted in respect of the amount determined in paragraph a of that section in respect of that country, up to the latter amount, and any balance of the amount so deducted is deemed to be deducted in respect of the individual’s unused portions of the foreign tax credit in respect of that country that are deductible for the year;

(b)  no amount is deductible under section 772.8 in computing an individual’s tax payable under this Part for a particular taxation year in respect of the individual’s unused portion of the foreign tax credit for a determined taxation year in respect of a country, until the individual’s unused portions of the foreign tax credit for taxation years previous to the determined year in respect of that country that are deductible for the particular year have been deducted; and

(c)  an individual’s unused portion of the foreign tax credit in respect of a country for a taxation year is deductible under section 772.8 in computing the individual’s tax payable under this Part for a particular taxation year only to the extent that it exceeds the aggregate of the amounts deducted in respect of that unused portion of the foreign tax credit in computing the individual’s tax payable under this Part for taxation years preceding the particular year, or under Part I.1 for taxation years preceding the particular year that are before the taxation year 1998.

1995, c. 63, s. 82; 1997, c. 85, s. 169.